From June 7th: From June 7th:
Arcan remains on track to meet its operational objectives for 2012. The Corporation expects second
quarter production to be approximately 5,600 barrels of oil equivalent per day and third and fourth quarter
production to average over 6,000 barrels of oil equivalent per day. Arcan has recently finished drilling the
last well on a four-well pad in the northwest portion of its Ethel development, which will be completed
and tied in by the end of the third quarter of 2012. Arcan plans to target higher impact wells using a single
drilling rig for the remainder of the year, which is consistent with its strategic direction of bringing capital
spending into better balance with cash flow for the second half of 2012.